San Antonio, US-based terminal operator NuStar Energy and its general partner NuStar GP Holdings completed a tank construction programme helping to boost its earnings in Q4 2008.
We benefitted from the successful and timely completion of multiple storage-expansion projects under our $400 million (301 million) construction programme, which contributed approximately $15 million of incremental operating income in 2008, NuStar president and CEO Curt Anastasio comments.
The operator reported a net income applicable to limited partners of $25.3 million, or $0.47 per unit, on revenues of $1.033 billion for the quarter ended 31 December 2008.
This compares to net income applicable to limited partners of $22.6 million, or $0.47 per unit, on revenues of $460 million for the same period a year ago.
For the full year, NuStar reported net income of $224.7 million, or $4.22 per unit, on revenues of $4.8 billion.
This compares to net income of $129.2 million, or $2.74 per unit, on revenues of $1.47 billion for 2007.
NuStar Energy and NuStar GP credited lifted earnings to the companys asphalt operations. By far, the biggest contributor to the increase in our earnings in 2008 was the addition of our asphalt operations, which generated $76 million of operating income in the first nine months we owned these assets, Anastasio adds.
NuStar Energy owns and operates 8,503 miles of pipeline, 85 terminal facilities, four crude oil storage tank facilities and two asphalt refineries with a combined throughput capacity of 104,000 barrels a day.